Beware of these on-going online Ponzi schemes

Just before we close April 2018, the Philippine Securities and Exchange Commission issued an advisory to the public to beware of the so-called “online paluwagan”. There are individuals and groups behind these online paluwagans that promises high returns in a very short period of time.

Most of these “online paluwagans” operate via Social Media like Facebook even using intermediaries like Coins.ph, GCash, or through money remittance companies making them appear as legitimate. Where they invest the money? How can they afford to provide such high returns? Well, they claim they invest the monies in Bitcoin and other cryptocurrencies.

Below is the list of the companies mentioned in the SEC advisories and beware of them:

1. ROAD TO STOCKMARKET/DREAMBUILDERS – RTSM 2;
2. STEADY MONEY ONPAL;
3. G-FUNDS;
4. TEAM AMAZING GRACE;
5. DONATOS TEAM – GIG;
6. TEAM DONATOS;
7. BUILDING BRIDGE;
8. GBS NEW HOPE;
9. GBS TRUST TRADERS;
10. WHILMZ TEAM INTERNATIONAL;
11. WHILMZ INTERNATIONAL ONLINE PALUWAGAN;
12. ROSCA – MONEY’S WORTH ONPAL;
13. WARRIORS TEAM ONPAL;
14. TEAM WARRIORS;
15. XPLOSION;
16. RED PACKET;
17. ELITE SAVERS CLUB;
18. SHARE KO PROFIT KO;
19. SUTM & BOJ;
20. REAL TEAM ANGEL INTERNATIONAL;
21. ORIGINAL TEAM ANGELS;
22. RETURN OF THE COMEBACK TEAM ANGELS INTERNATIONALS;
23. CONE WEEKLY INVESTMENT;
24. 2DO MARKETING SERVICES;
25. POWER7 M2G;
26. ONPAL ADHOC;
27. SWIFT EARNERS GUILD;
28. EXCLUSIVE CIRCLE OF EARNERS;
29. OLD TBC; and
30. LOVER’S PROFIT SHARING.

Download the SEC Advisory here.

 

About Jay Olos

Jay Olos is an advocate of economic empowerment, poverty alleviation and financial inclusion for the unbanked in the region through his own initiatives in financial literacy and education as well as helping entrepreneurs with sound and savvy financial management. firm believer in the power of Startups and Micro, Small and Medium-sized Entities (MSMEs) particularly in the Asian region.

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